Mortgage broker - ask me anything

haras_n0sirrah

happyapples said:

HI, My partner and I are splitting up and im trying to get an idea about the mortgage situation.
We have a mortgage on our home which I would probably stay in with children  (30 LTV and should have affordability. we have a deed of trust so think this should be straightforward.) 
We also have a Buy To Let which is currently empty. Easy solution is for ex to move in to his and change it to a standard residential mortgage in his name only and take his name off the family home. 
Any advise on what we need to consider. Thanks very much. 

It is going to depend on affordability. Can he afford to take over the btl mortgage and can you afford to take over the residential?

haras_n0sirrah

birdofafeather said:

How long do I need to have been in a job before I even think about phoning a mortgage company after a long period of unemployment? 

some lenders will go with 1 payslip - a lot of lenders will need you to be out of probation or have 6 months continuous job but not all of them
Speak to a broker

MSN2220

Hello. Would you be able to recommend any good shared ownership solicitors for Kent Reliance ? Thanks 

foreverhome_89

Hi, does anyone know how the Santander underwriting process works? 

haras_n0sirrah

MSN2220 said:

Hello. Would you be able to recommend any good shared ownership solicitors for Kent Reliance ? Thanks 

yes - the one we use is on panel (the panel is quite small)
if you want a quote let me know

prads

My partner and I are first time buyers and applied for a mortgage directly with Natwest, at the point of doing an Agreement in Principle a hard credit check was done. On the AIP it says "A satisfactory full credit assessment has been undertaken" and they will proceed to check the information we have given them. We were told today that it takes 12 working days for these checks to happen, as these delays are on going we are seeing the interest rates creeping up on the market. Should we be worried about continuing the application with Natwest and try and find another lender? What would the reasons for rejection be at this stage, I assume once credit is checked they won't have any objections later down the line?  

MSN2220

haras_n0sirrah said:

MSN2220 said:

Hello. Would you be able to recommend any good shared ownership solicitors for Kent Reliance ? Thanks 

yes - the one we use is on panel (the panel is quite small)
if you want a quote let me know

Thanks. Just dropped you an email. 

happyapples

haras_n0sirrah said:

happyapples said:

HI, My partner and I are splitting up and im trying to get an idea about the mortgage situation.
We have a mortgage on our home which I would probably stay in with children  (30 LTV and should have affordability. we have a deed of trust so think this should be straightforward.) 
We also have a Buy To Let which is currently empty. Easy solution is for ex to move in to his and change it to a standard residential mortgage in his name only and take his name off the family home. 
Any advise on what we need to consider. Thanks very much. 

It is going to depend on affordability. Can he afford to take over the btl mortgage and can you afford to take over the residential?

Yes I think affordability will be fine. The main issue is transferring the buy to let property to a residential mortgage and taking my name off. And if there is any order which should be done first. I'm guessing sort out family home, then look at buy to let, would there be any capital gains tax if the property is not sold?
Thank you. 

haras_n0sirrah

foreverhome_89 said:

Hi, does anyone know how the Santander underwriting process works? 

It is a 2 stage underwriting process. Firstly documents check by admin staff and if they are happy with everything it goes into the underwriter queue.

haras_n0sirrah

prads said:

My partner and I are first time buyers and applied for a mortgage directly with Natwest, at the point of doing an Agreement in Principle a hard credit check was done. On the AIP it says "A satisfactory full credit assessment has been undertaken" and they will proceed to check the information we have given them. We were told today that it takes 12 working days for these checks to happen, as these delays are on going we are seeing the interest rates creeping up on the market. Should we be worried about continuing the application with Natwest and try and find another lender? What would the reasons for rejection be at this stage, I assume once credit is checked they won't have any objections later down the line?  

If you have passed the credit check it usually is ok as long as the information can be proven to be correct (income etc)